Wells Fargo vs. Chase: Which Large Bank Should You Opt For?

Wells Fargo vs. Chase – Overview

Why you should choose Wells Fargo

Below are a few reasons why someone might choose Wells Fargo.

1. Branch and ATM accessibility: Wells Fargo has a large network of branches and ATMs, which can be convenient for customers who prefer in-person banking or need access to cash.
2. Product offerings: Wells Fargo offers a variety of banking products, including checking and savings accounts, credit cards, loans, and investment services, which can meet the needs of different types of customers.
3. Technology and online banking: Wells Fargo provides online and mobile banking services, allowing customers to manage their accounts, pay bills, and transfer money conveniently.
4. Reputation and history: Wells Fargo is a well-established bank with a long history, which may give some customers a sense of security and trust.
5. Customer service: Like other banks, Wells Fargo aims to provide good customer service, offering support through various channels, such as phone, online chat, and in-person.

Pros and cons of Wells Fargo

Why you should choose Chase

Choosing a bank, including Chase, depends on your needs and preferences. Below are some reasons why people might choose Chase.

1. Branch and ATM availability: Chase has a large network of branches and ATMs, which can be convenient if you prefer in-person banking or need easy access to cash.
2. Online and mobile banking: Chase offers robust online and mobile banking services, allowing you to manage your accounts, pay bills, and deposit checks from anywhere.
3. Variety of accounts: Chase offers a variety of checking and savings accounts, as well as credit cards, mortgages, and other financial products, giving you a variety of banking options.
4. Customer service: Access customer service support by phone, online chat, or in-person at branches.
5. Financial tools and resources: Chase provides financial tools and resources to help you manage your money and make informed financial decisions.
6. Security: Chase has security measures in place to protect your accounts and personal information, such as fraud monitoring and alerts.

Pros and cons of Chase

Pros	Cons
Large branch and ATM network	Fees
Online and mobile banking	Minimum balance requirements
Variety of financial products	Lower APY on savings; no APY on checking
Sign-up bonuses and rewards programs
Finance, budgeting, and credit monitoring tools

Wells Fargo vs. Chase – Checking accounts

	Wells Fargo Everyday Checking	Chase Total Checking
Overview	The Everyday Checking account is Wells Fargo’s most popular account, best for flexible convenience for everyday banking. Open one of these accounts in minutes online or at a local branch and get access to overdraft protection, a digital wallet, Zelle, an award-winning mobile app, and more.	Chase Total Checking gives you access to overdraft protection, online bill pay, mobile check deposit and money transfers, free credit score monitoring, and more. This is the bank’s most popular account for everyday banking needs.
Monthly fee	$10 Waive the monthly service fee with one of the following each fee period: $500 minimum daily balance, $500 or more in total qualifying electronic deposits, the primary account owner is 17-24 years old, has a Wells Fargo Campus ATM card or Campus Debit Card linked to the account, or a qualifying monthly non-civilian military direct deposit.	$12 Waive the monthly service fee with one of the following each monthly statement period: electronic deposits made into the account total $500 or more, maintain a balance of at least $1,500 or more, or have an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits/investments.
Minimum deposit	$25	N/A
Sign-up bonus	Get a $300 bonus when you open an Everyday Checking account with a minimum opening deposit of $25 and depositing $1,000 or more within 90 days of opening.	Get a $300 bonus when you open a Chase Total Checking account and make direct deposits totaling $500 or more within 90 days of coupon enrollment. You must apply the coupon code when you open an account.
APY	N/A	N/A
ATM network	12,000+	16,000+
	Apply Now	Apply now

Winner – Chase

Chase Total Checking may be considered better than Wells Fargo Everyday Checking for several reasons. First, Chase provides a larger network of branches and ATMs, making it more convenient for customers who prefer in-person banking. Chase doesn’t have a minimum deposit, and its current sign-up bonus is easier to get than Wells Fargo ($500 in 90 days vs. $1,000 in 90 days). While Chase’s monthly service fee is a couple of dollars more, it provides a variety of ways to waive the fee.

Wells Fargo vs. Chase – Savings accounts

	Wells Fargo Way2Save	Chase Savings℠
Overview	Way2Save Savings is best for consumers looking to build their savings automatically. With Save As You Go transfers, you get automatic transfers of $1 from your linked checking account to your savings account each time you use your debit card or complete a Bill Pay transaction online. Plus, set up regular automatic transfers to save daily or monthly.	Chase Savings is savings made simple. Automatically set money aside, earn interest, and track your savings through the highly-rated Chase mobile app. You also get access to budgeting and financial tools.
Monthly fee	$5 Waive the monthly service fee when you have one of the following each fee period: $300 minimum daily balance, one automatic transfer each fee period of $25 or more (from a linked Wells Fargo checking account), one automatic transfer each business day of $1 or more (from a linked Wells Fargo checking account), or the primary account owner is 24 years old or younger.	$5 Waive the monthly service fee with one of the following each monthly statement period: a balance at the beginning of each day of $300 or more, $25 or more in total Autosave or other repeating automatic transfers from your Chase checking account, have a linked Chase College Checking account, be 18 or younger, or have a linked Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account.
APY	0.01%	0.01%
Minimum deposit	$25	$0
Sign-up bonus	New customers can earn $525 by opening a new account (with a minimum deposit of $25) and depositing $25,000 or more into your account within 30 days and maintaining at least a $25,000 balance for 90 days.	New customers can earn $200 by opening a new Chase Savings account, depositing at least $15,000 into the account within 30 days, and maintaining a balance of at least $15,000 for 90 days.
	Apply Now	Apply now

Winner – Tie

When it comes down to it, savings accounts through Chase and Well Fargo are very similar. They both have a $5 monthly service fee with a variety of ways to waive it and a 0.01% APY on your savings, and ways to enhance savings via transfers and automatic savings tools.. They also both offer a sign-up bonus and while Wells Fargo offers more, it requires a larger deposit and a maintained balance to earn it.

One benefit Chase does have over Wells Fargo is that there’s no required minimum deposit.

Wells Fargo vs. Chase – Certificates of Deposit

	Wells Fargo	Chase
Overview	Wells Fargo offers Special Fixed Rate CDs and Standard Fixed Rate CDs with terms ranging from four to 12 months and APY up to 5.01%. Minimum deposits must be $2,500 or $5,000, depending on the CD type. You can get a higher rate if you have a linked Prime Checking or Premier Checking account.	While Chase CDs require a qualifying linked Chase checking account, you can earn up to 5.00% APY on two-, six-, and nine-month CD terms ($1,000 minimum deposit). Chase also has terms of one, three, 12, 15, 18, 21, 24, 30, 36, 42, 48, 60, 84, and 120 months.
Interest rate	Special Fixed: 4 months: 4.64% (special), 4.89% (relationship) 7 months 4.64% (special), 4.89% (relationship) 11 months: 4.16% (special), 4.41% (relationship) Standard Fixed: 3 month: 2.47% (special), 2.48% (relationship) 6 month: 2.47% (special), 2.48% (relationship) 12 month: 1.49% (special, up to $99,999.99) 1.98% (special, $100,000+), 1.50% (relationship, up to $99,999.99), 1.99% (relationship, $100,000+)	Featured terms: 2 months: 4.40% (up to $99,999.99); 4.88% ($100,000+) 6 months: 2.96% 9 months: 4.16% (up to $99,999.99); 4.64% ($100,000+) Other terms: 1 month: 0.02% 3 month: 1.98% 12 month: 1.98% 15 month: 2.47% 18 month: 2.47% 21 month: 2.47% 24 month: 2.47% 30 month: 2.47% 36 month: 2.47% 42 month: 2.47% 48 month: 2.47% 60 month: 2.47% 84 month: 2.47% 120 month: 2.47% Rates for customers without an existing Chase relationship are 0.01%.
APY	Special Fixed: 4 month: 4.75% (special), 5.01% (relationship) 7 month 4.75% (special), 5.01% (relationship) 11 month: 4.25% (special), 4.51% (relationship) Standard Fixed: 3 month: 2.50% (special), 2.51% (relationship) 6 month: 2.50% (special), 2.51% (relationship) 12 month: 1.50% (special, up to $99,999.99) 2.00% (special, $100,000+), 1.51% (relationship, up to $99,999.99), 2.01% (relationship, $100,000+)	Featured terms: 2 months: 4.50% (up to $99,999.99); 5.00% ($100,000+) 6 months: 3.00% 9 months: 4.25% (up to $99,999.99); 4.75% ($100,000+) Other terms: 1 month: 0.02% 3 month: 2.00% 12 month: 2.00% 15 month: 2.50% 18 month: 2.50% 21 month: 2.50% 24 month: 2.50% 30 month: 2.50% 36 month: 2.50% 42 month: 2.50% 48 month: 2.50% 60 month: 2.50% 84 month: 2.50% 120 month: 2.50% APY for customers without an existing Chase relationship is 0.01%.
Minimum deposit	Special: $5,000 Standard: $2,500	$1,000
	Apply Now	Apply Now

Winner: Wells Fargo

The winner of this category really depends on what you are looking for in a CD, though Wells Fargo slightly pulls ahead, because even if you’re not a current Wells Fargo customer, you can get higher APY on your CD (up to 4.75%) compared to non-Chase customers, who only earn 0.01% on all amounts. That said, Wells Fargo has fewer term options and higher minimum deposits. However, while Chase has more terms options and a lower minimum deposit, you must be a customer to earn higher rates and the rates aren’t as high as Wells Fargo (in some cases).

To choose a winner for yourself, determine what minimum deposit makes sense to you and whether you’re an existing customer or not (or want to become one to get the higher rates).

Wells Fargo vs. Chase – Fees

	Wells Fargo	Chase
ATM fees	$2.50 (per transaction with each non-Wells Fargo ATM)	$3 for non-Chase ATMs
Overdraft fees	$35 per item; no fee for declined transactions $0 on items of $5 or less	$34 per transaction (when overdrawing by more than $50) $0 with overdraft assist, if you’re overdrawn by less than $50, or your transaction is $5 or less
Other fees	Checking monthly service fee: $10 or $0 Savings monthly service fee: $5 or $0 Cashier’s checks: $10 each Money order: $5 Wire transfer: $15 (incoming domestic and international); $25 (outgoing domestic and international)	Checking monthly service fee: $12 or $0 Savings monthly service fee: $5 or $0 Cashier’s checks: $10 per check Money order: $5 Wire transfers: $15 (incoming domestic and international); $35 (outgoing domestic wire) or $25 (online domestic wire)

Winner: Tie

Many of these fees from Wells Fargo and Chase are the same, or very similar. Both have overdraft protection (though Chase offers more ways to avoid an overdraft fee). Both have a monthly service fee for checking and savings accounts with options to waive them., They have similar fees relating to cashier’s checks, money orders, and wire transfers.

Wells Fargo vs. Chase – Credit cards

When comparing Wells Fargo and Chase credit cards, it’s important to consider factors such as rewards, fees, interest rates, and cardholder benefits. Below are some of the best credit cards offered by each bank.:

Wells Fargo:

• Wells Fargo Active Cash Card: This card earns unlimited 2% cash back on all purchases, with no categories to track or limits on how much you can earn. Plus, get 0% intro APR for 15 months on purchases and balance transfers, a $0 annual fee, Visa Signature privileges, and cell phone protection.
• Wells Fargo Autograph Card: Earn 3x points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans, and 1x points on all other purchases. There’s no annual fee, 0% intro APR for 12 months on purchase, cell phone protection, roadside dispatch, auto rental collision damage waiver, Visa Signature benefits, and more.
• Wells Fargo Reflect Card: Enjoy 0% intro APR for 21 months on purchases and balance transfers. Also get cell phone protection and roadside dispatch.
• Bilt Mastercard: Earn 3x points on dining, 2x points on travel, and 1x points on other purchases, including rent payments. Plus, earn double points on the 1st of each month (6x points on dining, 4x on travel, and 2x other purchases).
• Choice Privileges Mastercard: Earn 5x points on stays at participating Choice Hotels properties and 3x points at gas stations, grocery stores, home improvement stores, and phone plan services. Earn 1x points on other purchases. Plus, unlock automatic Gold Elite membership, get cell phone protection, no foreign currency conversion fee, and Mastercard World Elite benefits.
• Choice Privileges Select Mastercard: Earn 10x points on stays at participating Choice Hotels properties, 5x points on purchases at gas stations, grocery stores, home improvement stores, and phone plan services, and 1x points on other purchases. There is a $95 annual fee, but you also get an anniversary bonus, automatic Platinum Elite membership, Global Entry or TSA PreCheck, cell phone protection, Mastercard World Elite benefits, and more.

Chase:

• Chase Freedom Unlimited®: This card offers unlimited 5% cash back on travel purchased through Chase, 3% back on dining and drugstores, and 1.5% cash back on all other purchases, making it a solid choice for everyday spending. It also has a cash back bonus for new cardholders who meet spending requirements and no annual fee.
• Chase Freedom Flex℠: This card offers 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. It also offers 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstore purchases, and 1% on all other purchases.
• Chase Freedom Rise: Start building your credit while earning 1.5% cash back on all purchases. Best for new to credit and students.
• Chase Sapphire Preferred® Card: This card is popular for its generous rewards program, offering 2X points on travel and dining at restaurants worldwide, and 1X points on all other purchases. Points can be redeemed for travel through the Chase Ultimate Rewards program.
• Chase Sapphire Reserve: Earn 5x total points on flights and 10x points on hotels and car rentals when you purchase directly through Chase Travel, plus 3x points on dining. Also get airport lounge access, Global Entry or TSA PreCheck, and other travel benefits.
• Prime Visa: Earn unlimited 5% cash back at Amazon.com, Amazon Fresh, Whole Foods Market, and Chase Travel purchases, plus 2% on gas stations, restaurants, and local transit, and 1% on all other purchases. Prime membership required.
• Amazon Visa: Earn cash back at Amazon.com, Amazon Fresh, Whole Foods Market, and Chase Travel purchases, plus 2% on gas stations, restaurants, and local transit, and 1% on all other purchases.

Chase also partners with Southwest Airlines and United Airlines, Marriott Bonvoy, IHG, Disney, Hyatt, British Airways, and others to provide rewards opportunities and luxury travel benefits.

Wells Fargo vs. Chase – Banking experience

	Wells Fargo	Chase
Branches	5,600+	More than 4,700
Customer service	Serves more than 68 million customers with a lower-than-average customer review rating (1.8/5 stars according to Consumer Affairs).	Serves more than 66 million customers with a lower-than-average customer review rating (1.5/5 stars according to Consumer Affairs)
Banking app ratings	Apple: 4.9/5 Google Play: 4.8/5	Apple: 4.8/5 Google Play: 4.4/5

Bottom line

In conclusion, both Wells Fargo and Chase offer a range of banking products and services, with each having its own strengths and weaknesses. Wells Fargo provides a large branch and ATM network, a variety of banking products, and robust online and mobile banking services. However, it has faced controversies that have affected its reputation, and some customers may find its fees and interest rates less competitive.

On the other hand, Chase is known for its well-regarded credit card offerings, extensive branch and ATM network, and strong online and mobile banking services. However, like Wells Fargo, Chase also charges fees for certain services and may not offer the highest interest rates. Ultimately, the choice between Wells Fargo and Chase depends on individual preferences and banking needs.

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